]]>By: Nas Sawedhttp://libn.com/2011/12/08/kominicki-the-problem-with-the-rich/comment-page-1/#comment-96937
Nas SawedFri, 09 Dec 2011 03:50:08 +0000http://libn.com/?p=67453#comment-96937After what Jamie Dimon and his cronies did to this economy, he should pay 100%- for the rest of his life.

As far as the tax issue, the top bracket should be raised to the Clinton-era 39.6%, for those earning $250k or more. That, Mr. Kominicki, costs someone earning $300k a year all of $38 per week- and it reduces our deficit by over $700 million over the next decade. A small increase in capital gains back to 20% would also bring in revenue without stymying investment

But what Mr. Kominicki doesn’t understand is that in a place like New York, and ESPECIALLY Long Island, every increase in the marginal rate makes it cheaper to live here. That’s because it enhances the deductibilty of our property taxes and state income tax. Everytime the marginal rates are flattened, you make Long Island less competitive to other states. When the top rate was 70%, your property tax deduction was worth double what is is now.

Mr. Kominicki offers the usual facile defenses of what constitutes “wealth,” all the more ludicrous in a time where wage disparity has not been this great since 1929.

You idiots who will never earn close to $250k a year who encourage this line of thought are only ******** yourselves. And if Mr. Kominicki thinks the budget will be balanced on cuts alone, perhaps another line of work may be suitable for him.

Ever since Herman Cain got in the race – before those women came out – and he was talking about the 9-9-9 plan, I got curious: how did we get to this “progressive” tax system in the first place?

I began to wonder: if you buy anything in bulk in this country, you pay less; It’s cheaper by the dozen, right? So how did it come about that the more income you earned – and paid taxes on – the higher the tax rate? Why weren’t the rich getting a discount for paying yaxes “in bulk”?

This may sound weird, but if we pretend for a moment that everybody (yes, even the nearly half of Americans who pay absolutely nothing) paid a flat 10%, then a person making $35,000 yearly would pay $3,500 in income taxes and a person making $3,500,000 would be paying $350,000. True, it’s the same 10% rate – which drives some liberals crazy – but one guy paid 10 times more money to the happy IRS!

If we follow the buy in bulk idea, then maybe the higher earner would have a discounted rate of 8%, and pay $280,000 – still eight times more than the little guy.

As Jamie Dimon at Chase wondered allowed today whether his combined Federal, State and City tax rate of 50% was enough? Guess not.